揭露恶棍：信贷供应和债务陷阱

IF 2.4 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance Pub Date : 2025-01-31 DOI:10.1016/j.jempfin.2025.101592

Shun Fu , Emma Li , Li Liao , Zhengwei Wang , Hongyu Xiang

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引用次数: 0

摘要

基于包含现金贷款借款人的贷款历史和在线消费信息的独特数据，我们对这些借款人施加了外生信贷供应冲击，并表明信贷增加会增加个人的拖欠率和对现金贷款的依赖。较高的信贷供应使贷款逾期超过60天的可能性增加5.7%，平台退出率降低33%。这种对犯罪的影响在金融知识水平较高的个人中明显不那么突出。其次，我们证明信贷扩张与随后借款人消费（尤其是成瘾性消费）的增加呈正相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Unveiling the villain: Credit supply and the debt trap

Based on unique data containing the loan history and online consumption information of cash loan borrowers, we apply an exogenous credit supply shock to these borrowers and show that increased credit increases individuals' delinquency rates and reliance on cash loans. Higher credit supply increases the likelihood of a loan being overdue over 60 days by 5.7% and decreases platform exit by 33%. This effect on delinquency is significantly less prominent among individuals with greater financial literacy. Second, we demonstrate that credit expansion is positively associated with an increase in subsequent borrower consumption, particularly addictive consumption.

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来源期刊

Journal of Empirical Finance Multiple-

CiteScore

3.40

自引率

3.80%

发文量

期刊介绍： The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.